多家机构备战香港稳定币牌照，“重构国际货币体系”言之尚早

Core Viewpoint - The article discusses the ongoing competition for stablecoin licenses in Hong Kong, highlighting the limited availability of these licenses and the intense interest from major financial institutions and tech companies. It emphasizes that while stablecoins are expected to enhance cross-border payment efficiency, their actual impact may be overstated, as they fundamentally extend the functions of fiat currencies rather than disrupt the existing monetary system [1][6]. Group 1: Stablecoin License Competition - The stablecoin license in Hong Kong is scarce and highly sought after, with only a few licenses expected to be granted despite over 40 companies preparing applications [1][2]. - Major players in the market include JD.com, Standard Chartered, and Circle, while many smaller firms face challenges in qualifying for applications [2][3]. - The competition is primarily among China's largest financial institutions and internet companies, indicating a significant interest in stablecoin operations [2][3]. Group 2: Market Expectations and Realities - There is a growing expectation that stablecoins could reconstruct the global monetary system, but experts caution that this view is exaggerated [6]. - Stablecoins are anchored to sovereign currencies and serve as an extension of fiat currency functions, lacking the ability to disrupt the existing financial framework [6][7]. - Research indicates that the actual cost of cross-border payments using stablecoins may approach 1%, contrary to the low-cost narrative often promoted [6][7]. Group 3: Industry Dynamics and Challenges - Companies exploring stablecoin applications fall into two main categories: those involved in cross-border payments and those focused on issuing and circulating stablecoins [3][5]. - Traditional payment institutions face challenges in adapting to blockchain technology and require "chain abstraction" to lower the barriers for using stablecoin products [4][5]. - The stablecoin business demands interdisciplinary collaboration, necessitating knowledge in finance, technology, and crypto assets [5]. Group 4: Future of Stablecoins - The potential for offshore RMB stablecoins is being discussed, with a focus on leveraging Hong Kong as a testing ground for international financial systems [8]. - The development of a RMB stablecoin could enhance cross-border payment capabilities and support the internationalization of the RMB [8]. - A pragmatic approach is needed to balance the development of stablecoins with actual market demands and avoid overextending beyond current capabilities [8].